The Brazilian Foreign Trade Association projects a more significant decline in imports than exports from the country for next year.
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Brazil is buying more in both value and kilograms. Experts see global supply chain reorganization and stock rebuilding as some of the reasons.
In addition to the increase in exports and imports, Brazil is expected to see a record-high surplus in foreign trade. According to the Brazilian Foreign Trade Association, which made the forecast, the results will primarly come from the rise in commodity prices.
Brazilian Foreign Trade Association chair José Augusto de Castro expects food products to be the industry least impacted by coronavirus when it comes to exports, although there will be repercussions from plummeting prices and issues at seaports.
